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The Importance Of Market Research

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Market research
With the changing time, economy becomes more competitive for every business. In this context, market research is the best way for the SLG Company to enhance customer’s satisfaction and understanding factors which affect the business. Thus, below is the importance of conducting market research for the chosen business:
• Market research makes the success of the business: Market research does not only provide opportunities for the business expansion, but it also assists in designing product according to market to target customers directly (Özsomer, A., Batra, R., Chattopadhyay, A., and ter Hofstede, F. (2012).. It also helps to attract potential customers for SLG Company’s shampoo. It provides valuable information about the market …show more content…

This is because; in market research various employees are required who can gather data from different places. If SLG has not sufficient staff, they cannot access the market adequately. Thus, it will also create challenges in validating market research data (Wilson, Zeithaml and Gremler, 2012).
• Difficulty in interpreting Marketing report data: Marketing manager also face the problem of interpreting marketing report data. Everyday new alternatives are added into market with new methods and ideologies. Thus, for the manager of SLG firm, it can be difficult to keep the marketing report data accurate in market research, thus when a manager collects and validates the data they face challenges of interpreting marketing report (Zikmund, Babin and Griffin, 2013).
• Breakdown in marketing department Communication: Marketing managers must understand the marketing fundamentals which can work on websites, design ads and target audience, or else the Manager of SLG Company will be unable to achieve effective results for improvement their marketing strategy for their product shampoo. This is because; there is an insufficient reporting system, and breakdown in communication. (Akaka, Vargo and Lusch, …show more content…

This is a constant effort to develop, products, services or methods. These efforts seek “incremental” improvement over time or “breakthrough” improvement all at once. The manager of the SLG Company is required to change and adjust process for the development of the business. They constantly face challenges on how to improve on business performance and what things to be added in achieving targets. Also, what changes maybe included achieving competitive advantage. This is a crucial challenge for marketing manager in collecting and validating market research

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